indicator lights

[sandbars]

Hello I just acquired a 17ftr boat with a deto50 hp outboard. I would like to know what the three lights below the cowling cover. I used the boat and the red light is always on .? Is this indicating something. Another is when I warmed up the engine there was no water coming out of the pee hole. I got an air compressor and attached it to the hose of the pee hole and released some air.Then I started the engine water came out.I stopped the engine and started it again no water came out. I left the engine submerged on a tub overnight. The next morning I started it again water came out run it for half an hour water come out now. Am i expecting a cooling problem in the near future?
thanks
Sandbar

[99yam40]

The red light indicates a low low oil level on the tank and should put the motor in a safe mode limiting the RPM to around 2000, yellow is low, and green is good level